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UAE Approves $8.2 Billion Stimulus Package for Businesses

The new strategy aims at meeting Operation 300bn to boost national economy

The Global Economics by The Global Economics
April 5, 2021
in Banking, Top Stories
Reading Time: 1 min read
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UAE Approves $8.2 Billion Stimulus Package for Businesses

UAE Approves $8.2 Billion Stimulus Package for Businesses

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In an announcement on Monday, Dubai ruler Mohammed bin Rashid Al-Maktoum stated that the UAE government has approved an AED30 billion ($8.2 billion) package to support potential companies for economic growth. 

The Emirates Development Bank (EDB) Strategy was given approvals by Sheikh Mohammed. In a statement, he said that the national economy is a top priority requiring the combined efforts of all the economic entities in the coming phase. 

According to a statement, the program will benefit over 13,500 businesses and create 25,000 jobs in industrial sectors. The program is aligned to meet UAE’s Operation 300bn, a 10-year strategy to leverage the bank’s role as a key driver to the economy and raise the country’s GDP to 300 billion dirhams by 2031. 

The EDB bank has been allocated a portfolio of AED30 billion to aid priority industrial sectors in the next 5 years—a move that will finance over 13,500 SME’s. The bank will launch an AED1 billion ($272.3 million) investment fund for SMEs and start-ups in 2022 as well. 

The bank will be responsible for consolidating partnerships with UAE banks to strengthen SMEs and boost direct financing by 73% this year, all while focusing on underserved sectors with financial solutions.

Tags: $8.2billioneconomicgrowthEDBsheikhmohammedsupportpotentialcompaniesuae
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